Tribal Councils Investment Group


Locutus
#1
via sda:

....McLeod has a salary and bonus package worth $1.18 million per year and a contract that ensures his employment until 2025.

It didn't take too long for Tribal Councils Investment Group (TCIG) to make a name for itself as a rising star and model for First Nations wealth generation when it was formed in the early 1990s.
Founded with investments of $25,000 each from the seven Manitoba tribal councils, it parlayed that modest investment into a group of operating companies, joint ventures and equity investments that generate about $100 million in annual revenue.

But complaints about lack of accountability to shareholders and recent losses have now soured TCIG's reputation.

The corporation, led by CEO Allan McLeod, has racked up total losses of $4.7 million for the years 2010 and 2011 combined and in September was on pace for another $3.3 million in losses this year.


more


Shareholders demand answers - Winnipeg Free Press
 
taxslave
No Party Affiliation
+1
#2  Top Rated Post
In his defense he seems to be doing exactly like all the other top executives.
 
captain morgan
Bloc Québécois
#3
According to the document, the fund managers have done an exceptional job in increasing the value and cash flow of the fund... Presuming that the investors (being the various communities) are seeing a periodic disbursement/dividend, you might think that the investor body would want to reward these people in order to retain their services.
 
taxslave
No Party Affiliation
#4
I'm betting there were not a lot of complaints as long as the loot was rolling in. Did they all of a sudden loose money because of poor management or just because of how the general economy was performing at that time?
 
captain morgan
Bloc Québécois
#5
Quote: Originally Posted by taxslaveView Post

I'm betting there were not a lot of complaints as long as the loot was rolling in. Did they all of a sudden loose money because of poor management or just because of how the general economy was performing at that time?


Probably a combination of things.

From what I read, I assume that the principal investment has long been returned and the cash flow benefit has generated a strong ROI to date.

Even if the fund went titters tomorrow, it can be said that none of the investors (read: FN communities that ponied-up the dough) lost any money - they in fact made quite a bit
 
petros
#6
Investors should be able to know where the losses/declines came from.
 
captain morgan
Bloc Québécois
#7
Absolutely.
 
petros
#8
I was reading an article this morning about urban Rezes being successful here in SK. I think I'll post that one.
 
captain morgan
Bloc Québécois
#9
Please do.... I enjoy reading about FN success stories
 
dumpthemonarchy
Free Thinker
#10
Wow, what a surprise, another article how chiefs/leaders make a killing. Yet we hear more articles of lousy housing etc. Yawn.
 

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